Local Indian rebar prices have continued to gain strength contrary to overall steel market trends and forecasts, with select secondary mills increasing prices to pass on the rises in prices of coal, while trade prices in retail sales have also edged up amid moderate sales, SteelOrbis learned from trade and industry circles on Tuesday, January 11.
Indian rebar prices are up by a range of INR 400-600/mt ($5-8/mt) across most regional markets with mid-sized secondary mills taking the lead to increase prices, while traded prices have moved up in tandem.
According to sources, rebar prices are up INR 600/mt ($8/mt) to INR 51,600/mt ($697/mt) ex-Mumbai, while they gained INR 500/mt ($7/mt) to INR 48,200/mt ($651/mt) ex-warehouse in the central region around Raipur.
The only decline was heard from the eastern regional market of Rourkela, where the price moved down by INR 200/mt ($3/mt) to around INR 46,500/mt ($628/mt) ex-warehouse.
“Not only are secondary mills increasing prices to pass on rises in input costs, there is also a lot of positive sentiment in retail sales. The rising third wave of the pandemic does not seem to have had an impact on the market, at least not yet,” said a Kolkata-based distributor.
“Housing construction is seeing a lot of new launches across major urban centers, which can provide demand support. But it is difficult to explain how the unfolding pandemic wave will impact going forward, or whether the current uptrend is sustainable in the short term,” he said.
$1 = INR 74.00
